IDSB01H3 Chapter Notes -Gross Domestic Product, Gross National Income, Making Money
4 Mar 2013
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Document Summary
Chapter 2: measuring economic growth and development (rach) 2 broad methodologies of development: the income per person, or economic growth criterion: suggests that income levels are reasonably good approximate measures for comparing economies. The rate of growth of income per person can be used to judge the progress of economies over time. A rising income and standard of living, incl. a wider array of consumable goods and services over time; Equity in the distributions of income and wealth; Political democracy and widespread participation in society"s decision-making; An expanded role for women, minorities, and all social classes in economic, political, and social life; Increased opportunities for education and self-improvements in, health care; Public and private safety nets to protect the most vulnerable particularly the young, the old, the infirm and the poorer from extreme hardship; An efficient, competent, transparent, and fairly administered public sector; A reasonable degree of competition in the private sector; and so on.
